Top bank warns that earth is running out of resources to sustain life

RT 9 Aug, 2018

One of the world’s largest banks, HSBC, has highlighted research indicating that Earth is running out of resources to sustain life and that governments and corporations are failing to prepare for the effects of climate change.

The world has spent its entire budget of natural resources for the year after crossing the threshold on August 1. The date, dubbed ‘Earth Overshoot Day’, marks the earliest point the planet hit its annual resource limit.

HSBC highlighted the issue using research from the Global Footprint Network (GFN), an independent think tank that promotes conservation and sustainability. The bank blamed businesses and governments for not adequately preparing for climate change, and not using natural resources efficiently.

The bank noted extreme weather events, such as rising temperatures across Europe and wildfires in California, Greece and Scandinavia in its remarks about the research. "As scientists work on attribution analysis for specific events – the general consensus is that climate change is making these events more likely to occur and more severe,” HSBC said, according to Business Insider.